NCS Multistage Q4 revenue $50.6M (+13% YoY); full-year adj. EBITDA $26.7M (+20%)

NCS Multistage Holdings, Inc.

Q4 revenue $50.6M (+13% YoY), operating income $5.2M (+78%), net income $15.0M ($5.34/diluted) incl. $9.8M deferred tax valuation allowance release.
FY 2025 revenue $183.6M (+13%), adj. EBITDA $26.7M (15% margin vs 14% prior year), free cash flow after distributions $18.9M (+$9.0M YoY).
Cash $36.7M, debt $7.6M (finance leases); cash from ops $22.2M; ResMetrics contributed $5.2M revenue since acquisition July 31, 2025.
Canadian patent appeal overturned prior $1.8M judgment; $0.9M returned to NCS in Nov 2025; case remitted.
2026 outlook: expects continued challenging market but positioned for market share gains, new product adoption, international expansion.

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